https://www.taxtmi.com/caselaws?id=55380 Reassessment under section 147(b) was upheld because the assessment record showed escapement of income relating to the betterment tax item, so the reopening was within jurisdiction. The betterment tax disallowance of Rs. 3,344 was sustained, the Tribunal following the controlling decision cited on that issue. Bank guarantee commission paid for financial accommodation and use of banking facilities in meeting instalment payments for machinery already acquired was held to be revenue expenditure, not part of the machinery cost, and was therefore allowable as a business deduction. en-us Thu, 11 Sep 1980 00:00:00 +0530 Fri, 26 Nov 2010 17:10:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55380 Reassessment under section 147(b) was upheld because the assessment record showed escapement of income relating to the betterment tax item, so the reopening was within jurisdiction. The betterment tax disallowance of Rs. 3,344 was sustained, the Tribunal following the controlling decision cited on that issue. Bank guarantee commission paid for financial accommodation and use of banking facilities in meeting instalment payments for machinery already acquired was held to be revenue expenditure, not part of the machinery cost, and was therefore allowable as a business deduction. Case-Laws Income Tax Thu, 11 Sep 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55380